Sympli response to NSW Productivity Commission Report into the eConveyancing Market

01 July 2024 – Sympli welcomes the release of the NSW Productivity and Equality Commission’s Report, ‘eConveyancing market study’ and its recommendations to deliver competition to the eConveyancing market for the benefit of consumers.

Sympli strongly supports all 18 recommendations from the report including the need for:

A detailed industry roadmap for launch of interoperability by December 2025; and
Registrars to impose regulatory requirements on Electronic Lodgment Network Operators to meet specific key milestones, including pursuing financial penalties.

Sympli calls on State and Territory Ministers to support all recommendations from the report and to urgently work with the Federal Government to find a path forward for this critical reform.

We also strongly agree with the NSW Productivity Commissioner who noted today: “the lack of competition in the e-conveyancing sector is one of the most important issues that government can still correct”.

A link to the report can be found here: www.productivity.nsw.gov.au/market-study-oneconveyancing

Sympli Chief Executive Officer, Philip Joyce, said: “We call on Government to urgently find a clear path forward to bring competition to this critical market – that starts with supporting the recommendations from this report, especially enforcement actions against the entrenched monopoly.”

–ENDS–

Media Inquiries: Jerome Boutelet, Public Affairs Manager at media@sympli.com.au, or 0411 045 119

About Sympli
Sympli is the result of a collaboration between InfoTrack and ASX. We want to create more opportunity, add value and represent the market with an e-Settlements service from which practitioners across Australia can benefit.

InfoTrack is Australia’s leading provider of e Conveyancing technology and services and has been creating software for the legal and financial industries for over 18 years. InfoTrack has a focus on simple, end-to-end solutions, leveraging expertise to craft a truly integrated e-settlements platform that you can trust.

As one of the world’s leading financial exchanges, the ASX bring experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two brings you Sympli: the next-generation e-settlements solution delivering healthy competition, reliability, security and value to the industry. For more information visit www.sympli.com.au